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HomeMy WebLinkAbout2960•r ~ - ~ i 5. That be will permit, commit, a su[fer no waste, impairment, oc deterioration of said property or any part thereof; and in the event of the tailure of the mortgagor to keep the buildings on said premises end those lobe erected on said premises, a improvements thereon, in good repair, the mortgagee may make such repairs as in its discretion it awy deem necessary for the proper preservation thereof, and the full amount of each and every such payment shall be immediately due sad payable, sad shall be secured by the Ilea of this mortgage. 6. That he will pay all erd singular the costs, charges. and expenses, including reasonable lawyer's fees. and costs of abstracts of title, incurred or paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the agrcements and covenants of said promissory note and this mort- gage, and said costs. charges, and expenses shall be immediately due and payable and shell be secured by the lien of this mortgage. 7. That he will keep the improvements now a:fisting a hereafter erected oa the mortgaged property, insured as may be required from time to time by the mortgagee agaiast loss by fire and other hazards, casualties, and contin- gencies in such amounts and for such periods as may be required by mortgagee, and will pay promptly, when due, any premiums oa such insurance for payment of which provision has not been made hereinbeEore. All insurance shall be carried is companies approved by mortgagee aad the policies and renewals thereof shall be held by mort- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee. and mortgagee may make proof of loss if not made promptly by mortgagor, and each iusurance company coaceraed . is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance pro- ceeds, at any part thereof. rosy be applied by modgagee at its optioa either to the reduction of the indebtedness hereby secured or to the restoration a repair of the property damaged. In event of foreclosure of this mortgage or ot~er transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in Force shall pass to the purchaser a grantee. 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thered far the appointment of a receiver, and such court shall Forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income, profits, issues, and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth and described is the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and pourers in anywise entrusted by a court to a receiver, and such appointment shall be made by such court as an ~adsitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defeadeats, and that such rests, profits, income, issues, and revenues shall be applied by such receiver according to the Uen of this mortgage and the practice of such court. in the event of any default on the part of the mortgagor hereunder. the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least eggivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year not c9vgred by then aforesaid monthly payments. 9. That (o) in the event of any breach of this mortgage or default on the part of the mortgagor, or (b~ in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or (r1 in the event that each and every the stipulations, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable facthwith, a thereafter, at the option of said mortgagee, as fully and com- pletely as if all of the said sums of money were originally stipulated to be laid on such day, anything in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortga- gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its iastitutioa. The mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses,and allow- ances. N case of partial foreclosure of this mortgage, the mortgaged premises shell be sold subject to the con- tinuing lien of this mortgage for the amount of the debt sot then due and unpaid. Ia such case the provisions of this paragraph may again be availed of therea[ter from time to time by the mortgagee. 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer. or change of ownership of the premises. 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. 12. That if the mortgagor default in any of the covenants or agreements contained herein, or in said note, then the mortgagee may perform the same, and all expenditures (including reasonable attorney's fees) made by the mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable immediately and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing thereon, shall be secured by this mortgage. 13. that the mailing of a written notice or demand addressed to the owner of record of the mortgaged premises, or directed to the said owner at the last address actually furnished to the mortgagee, or directed to said owner at said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any case arising under this instrument and required by the provisions 6ere~ or by law. 14. The mortgagor covenants end agrees that so long as this, mortgage and the said note secured hereby are insured under the provisions of the National Housing Act, he will not execute or file for record any instrument which imposes a restriction upon the sale or occupancy of the mortgaged property on the basis of race, color, or creed. Upon any violation of this undertaking, the modgagee may, at its option, declare the unpaid balance of the debt secured hereby immediately due and payable. I5. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible for insurance under the National Housing Act within from the date hereof (written statement of any officer of the Department of Housing and U ~~at or authorized agent of the Secretary of Hous- ing and Urban Development dated subsequent to the~~ time from the date of this mortgage, declining to insure said note and this mortgage, being lusive proof of such ineligibility), the mortga- gee or the holder of the note nay; at its option, declare all soma aerated hereby immediately due and payable. The covenants herein contained shall bind, and the benefits and .advantages shall Inure to, the respective heirs, ezecntors, administrators, successors, and assigns of the parties hereto. tYhenever used, the singular num- ber shall inclode the plural, the plural the singular, and the use of any gender shall include all genders. sooK~79 ~~E2958